GOLD Elliott Wave Analysis: Correction Within Downtrend

By: Gregor Horvat | Wed, Feb 5, 2014
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Gold has been trading higher since start of January but recovery is slow and overlapping within a trading channel which we think it's a corrective move. We are tracking wave 4 that can be part of an expanding diagonal in wave 5) down. If that is the case then current rally should stop somewhere around 1280-1300 region. Break of 1230 will confirm weakness for wave 5 of 5) going towards 1100/50.

GOLD Daily Elliott Wave Analysis

GOLD Daily Elliott Wave Analysis Chart

GOLD Four Hour

Gold found a support in the last few trading days at the lower side of a corrective channel, at 1237 where we see a completed three wave decline from the top, now labeled as wave (b). As such, we suspect that new highs are underway with wave (c) that may complete a second zigzag around 1280.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart

GOLD One Hour

GOLD is still trapped between 1231 bearish and 1270 bullish zone, but because of only three wave fall from 1278 we expect a continuation higher, back to the highs; ideally from current levels while 1239 holds.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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